China aims for steady economic growth in 2013

17 December 2012 07:36  [Source: ICIS news]

SINGAPORE (ICIS)—In China’s two-day Central Economic Work Conference in Beijing over the weekend of 15-16 December, policy makers pledged to maintain steady economic growth in 2013.

The policy makers, led by the new chief of the Communist Party of China, Xi Jinping, pledged to strengthen and improve macroeconomic regulations to ensure sustainable development.

China will maintain positive fiscal and prudent monetary policies, and will aim to provide structural tax incentives to different industries, raise limits of bank loans for companies and keep the China currency stable, according to the policy makers.

The economy must grow at a pace that ensures the sustainability of the country’s development, they said.

Boosting domestic consumption is the key to improving the country’s economic structure and supporting the economic growth amid the slowdown of the global economy, they added.

Urbanization is the key to increasing domestic demand, as it will greatly boost demand in sectors like real estate and household appliances, and thus it will become a major focus for the year ahead, the policy makers said.

By: Viola Pan
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